Calculator
Payday Loan Calculator
This payday loan calculator turns the amount you need, the fee per $100 borrowed, and the term in days into the finance fee and the total due on payday. It also annualises that fee into an effective APR so you can compare the cost with any other form of credit.
Advertising disclosure: Paydayloaning may receive a referral fee if you apply through the link above. That fee does not change the rate you are offered, and it does not change our content. We are not a lender. The lowest rates are only available to the most qualified applicants. Read the full disclosure.
Enter your numbers and press Calculate. Nothing you type leaves your browser.
How this calculator works
A payday loan is priced as a fee per $100 borrowed rather than as an interest rate. The calculator multiplies your amount by the fee rate to get the finance fee, then adds the fee to the principal to get the total due on your next payday.
The effective APR annualises that one-off fee over the term: (fee / amount) x (365 / days) x 100. On a two-week loan, a $15 fee per $100 borrowed works out to roughly 391% APR, a figure the Federal Trade Commission publishes.
Under the federal Truth in Lending Act the lender must disclose the finance charge and the APR in writing before you sign, so check the paperwork against these numbers before you commit.
Advertising disclosure: Paydayloaning may receive a referral fee if you apply through the link above. That fee does not change the rate you are offered, and it does not change our content. We are not a lender. The lowest rates are only available to the most qualified applicants. Read the full disclosure.